Stocks: National-Oilwell Varco, Inc. (NOV) Position Cut by Canandaigua National Bank & Trust Co.

Stocks: National-Oilwell Varco, Inc. (NOV) Position Cut by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. reduced its stake in National-Oilwell Varco, Inc. (NYSE:NOV) by 3.6% during the first quarter, Holdings Channel reports. The firm owned 6,154 shares of the oil and gas exploration company’s stock after selling 230 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in National-Oilwell Varco were worth $246,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of National-Oilwell Varco by 3.6% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 58,195 shares of the oil and gas exploration company’s stock valued at $2,138,000 after buying an additional 2,010 shares during the period. Chicago Equity Partners LLC increased its stake in shares of National-Oilwell Varco by 18.9% in the third quarter. Chicago Equity Partners LLC now owns 7,810 shares of the oil and gas exploration company’s stock valued at $287,000 after buying an additional 1,240 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of National-Oilwell Varco by 0.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,062,441 shares of the oil and gas exploration company’s stock valued at $39,034,000 after buying an additional 3,877 shares during the period. DnB Asset Management AS increased its stake in shares of National-Oilwell Varco by 3.8% in the third quarter. DnB Asset Management AS now owns 35,445 shares of the oil and gas exploration company’s stock valued at $1,302,000 after buying an additional 1,300 shares during the period. Finally, World Asset Management Inc increased its stake in shares of National-Oilwell Varco by 2.0% in the third quarter. World Asset Management Inc now owns 41,675 shares of the oil and gas exploration company’s stock valued at $1,531,000 after buying an additional 828 shares during the period. 94.98% of the stock is currently owned by hedge funds and other institutional investors.

Shares of National-Oilwell Varco, Inc. (NYSE:NOV) traded up 0.18% during trading on Friday, hitting $33.86. The stock had a trading volume of 1,710,299 shares. The firm’s 50-day moving average is $36.94 and its 200 day moving average is $37.52. National-Oilwell Varco, Inc. has a 52-week low of $29.79 and a 52-week high of $43.63. The firm’s market cap is $12.87 billion.

National-Oilwell Varco (NYSE:NOV) last issued its quarterly earnings data on Wednesday, April 26th. The oil and gas exploration company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.03. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.67 billion. National-Oilwell Varco had a negative return on equity of 2.08% and a negative net margin of 33.26%. The firm’s revenue for the quarter was down 20.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.06) earnings per share. On average, analysts expect that National-Oilwell Varco, Inc. will post ($0.40) EPS for the current year.

NOV has been the topic of several recent analyst reports. Jefferies Group LLC reissued a “hold” rating and set a $36.00 target price on shares of National-Oilwell Varco in a research note on Wednesday, February 8th. Vetr downgraded National-Oilwell Varco from a “buy” rating to a “hold” rating and set a $41.60 target price on the stock. in a research note on Tuesday, February 14th. Credit Suisse Group AG raised National-Oilwell Varco from an “underperform” rating to a “neutral” rating and set a $40.00 target price on the stock in a research note on Wednesday, February 8th. Zacks Investment Research downgraded National-Oilwell Varco from a “buy” rating to a “hold” rating in a research note on Monday, February 20th. Finally, Scotiabank reissued a “hold” rating and set a $37.00 target price on shares of National-Oilwell Varco in a research note on Wednesday, February 8th. Four research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. National-Oilwell Varco presently has a consensus rating of “Hold” and an average target price of $38.74.

In related news, insider Joseph W. Rovig sold 49,825 shares of the stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $41.48, for a total value of $2,066,741.00. Following the completion of the transaction, the insider now directly owns 91 shares in the company, valued at $3,774.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott K. Duff sold 4,785 shares of the stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $40.79, for a total value of $195,180.15. Following the completion of the transaction, the vice president now owns 25,121 shares of the company’s stock, valued at $1,024,685.59. The disclosure for this sale can be found here. Insiders sold 91,979 shares of company stock valued at $3,751,823 over the last quarter. 0.17% of the stock is currently owned by company insiders.

About National-Oilwell Varco

National Oilwell Varco, Inc is an oilfield equipment manufacturer and technology provider. The Company operates through four segments: Rig Systems, Rig Aftermarket, Wellbore Technologies and Completion & Production Solutions. The Rig Systems segment makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore.

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